PART 5Exceptions and licences

F1Finance: exception for authorised conduct in a relevant country18A

1

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—

a

under the law of the relevant country, and

b

for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.

2

In this regulation—

“relevant country” means—

  1. a

    any of the Channel Islands,

  2. b

    the Isle of Man, or

  3. c

    any British overseas territory.